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HOUSTON-Bechtel Corp. has nixed a decision to pull out of Houston, renewing a 420,000-sf office lease at 3300 Post Oak Blvd. The tenant is one of the largest space takers in the Uptown-Galleria submarket. Staying put is a win-win situation.
LONDON-Royal London Mutual Insurance has continued the process rebalancing its portfolio in the wake of its merger with Scottish Life. Three large distribution units in the Midlands and North-West are the latest to have been sold.
NEW YORK CITY-After weeks of new highs, the Morgan Stanley REIT Index declined to 409.89 from its Aug. 23 high of 421.62. And, after four weeks of heavy net inflows, real estate mutual funds saw net outflows of more than $19 million and a dip in market values.
SACRAMENTO, CA-"There's no market downturn for us; people use 1031 tax exchange as a tool regardless," says Bill Angove of Sacramento-based Asset Preservation. "We're extremely busy and having a great year.
LONDON-Oil giant Shell International and its development partner Lend Lease have revised their plans for the regeneration of the Shell Centre on London's South Bank. The retail content has been cut in favour of more offices.
SAN DIEGO-Transit officials this month will begin talks aimed at securing six acres near Interstate 15, apparently ending chances for a hotel at the site.<p>
The 241-unit Renaissance Plaza project, a public/private venture originally scheduled for delivery in July, will begin quietly letting tenants start moving in over the next few weeks.
HOUSTON-A Halliburton insurance company spin-off has relinquished a 23,000-sf penthouse at a 310,000-sf high-rise. But, Highlands Insurance Group is holding onto two other floors in a renewal of its 11-year location.